Jian Sun
Chenye Wu
ABSTRACT
Convex hull pricing (CHP) was proposed to align the unit commitment and economic dispatch of the electricity market's sequential processes, by providing the minimal uplift payment. The implementation of CHP and its variants has generated much attention in both academia and industry. However, the vulnerability of CHP has been rarely assessed due to its complex structure. In this paper, to tackle this challenge, an equivalent form of CHP is identified, which provides valuable economic and structural insights. This equivalent form helps in revealing how generator bidding can influence the CHP. Based on this understanding, a vulnerability index is proposed to evaluate the risk that each generator brings to the CHP scheme. Numerical studies suggest the existence of vulnerability in the CHP and also highlight the complex nature of CHP scheme.
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Index Terms
- Temporal Vulnerability Assessment for Convex Hull Pricing
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